Nationwide Flexclusive ISA - 4.25%, instant access

borkid

innovate wrote: »

I am given to believe they will check every month that you are still eligible - though they might not be religious over the direct debits after a while. The monthly £750 has to happen though, for as long as you want the ISA benefits

That's what I was told when I went into a branch. I've been a flex account holder for 20+ years but on 1 or 2 months in the year don't have £750 go in as I work as a supply teacher so over holiday times my pay drops. It was suggested I transfer money from another account over in the months needed but that would mess up the family finances. I always seem to get caught out like this, really annoying especially as over the full year I pay in more than £750 average a month. Ah well I'll just have to find a good deal elsewhere.

DreamerV

DragonQ wrote: »

All I was told when I switched to the FlexAccount was that it had to be my "main account". They wouldn't tell me how long I had to keep the direct debits there or anything like that.

They told me as soon as my dd's from them stopped (even if I'm paying 750/month in still), they'll transfer my ISA to one with a very low rate (her words). I didn't go ahead. Then a couple of days later after more reading I thought that is nonsense according to their own terms and conditions, and got confirmation in writing that I can go ahead with 4.25% rate even given my circumstances (was like pulling teeth to get them to give an answer). Just hoping they abide by their own advice.

DragonQ

It's all very complicated. What if you transfer 3 DDs then cancel 1 of them? What happens then? What if you cancel 2 of the 3?

le_loup

DragonQ wrote: »

It's all very complicated. What if you transfer 3 DDs then cancel 1 of them? What happens then? What if you cancel 2 of the 3?

No it's not. You're just making it complicated.
Read the T&Cs and stick with them.

innovate

borkid wrote: »

That's what I was told when I went into a branch. I've been a flex account holder for 20+ years but on 1 or 2 months in the year don't have £750 go in as I work as a supply teacher so over holiday times my pay drops. It was suggested I transfer money from another account over in the months needed but that would mess up the family finances. I always seem to get caught out like this, really annoying especially as over the full year I pay in more than £750 average a month. Ah well I'll just have to find a good deal elsewhere.

borkid - - easy to get round this.

Open another current account elsewhere (or use one that you have elsewhere). Set up standing orders between the two accounts, or just do manual transfers in the months in question. You can use the same money to make up the £750 - - e.g. withdraw and deposit the same £250 three times and you have deposited £750 from an external source.

innovate

le_loup wrote: »

Read the T&Cs and stick with them.

Good point well made. Sorry I confused matters with the DDs - - here' the relevant extract from the T&Cs for eligibility

....who continue to hold a Nationwide FlexAccount with a Visa debit card (not a cash card+) and deposit at least £750 per month into the FlexAccount (excluding internal transfers) following the opening of the Flexclusive ISA.

ylesia

K_P83 wrote: »

Do the direct debits need to be kept for the duration, or can you switch them back once one of them has paid up?

I don't have any direct debits on my account but as I have £750 going in every month then I fulfil the criteria. I would have thought that once you meet the criteria of £750 going in every month for 3 months then the direct debits will not matter.

bondy01

ylesia wrote: »

I don't have any direct debits on my account but as I have £750 going in every month then I fulfil the criteria. I would have thought that once you meet the criteria of £750 going in every month for 3 months then the direct debits will not matter.

Does it say anywhere in the t & c's that you need to have 2 DD's? It talks about main account but I can't find any mention of DD's. I was asked if I had 2 DD's when I opened mine on the phone which I do. Bit different to the requirements for the Europe health cover.

badger09

Must say, I'm not impressed with knowledge of Nationwide's call centre staff so far.

On 5th April I applied online to make our longstanding joint Nationwide Flexaccount our 'main' account to qualify for the Flexclusive ISA. I also paid in £750 .

On 7th April I phoned to see if I could open ISA and was told I couldn't do it by phone until the Flexaccount was shown as a 'Prime' account. I could either wait until then, or adviser would send 2 savings packs with application forms. I asked for the packs - nothing received so far.

This morning I checked the account; the message about making this a main account had disappeared and a secure message on 10th April told me the switching process was underway. Thinking it would now qualify, I phoned again and after 19 minutes listening to muzak I was told by a 'sales adviser' (his description, not mine) that I could only open the ISA in branch. I haven't been able to get to a branch, but it looks like that's the only option.

Just hope it doesn't get pulled before next week :eek:

ylesia

bondy01 wrote: »

Does it say anywhere in the t & c's that you need to have 2 DD's? It talks about main account but I can't find any mention of DD's. I was asked if I had 2 DD's when I opened mine on the phone which I do. Bit different to the requirements for the Europe health cover.

If you have funded your account for at least £750 a month for 3 months then direct debits don't come into it. I have no idea how many DDs you need to transfer if you don't fulfil the funding criteria at the start - I'm sure someone will know the answer ...